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Financial

NagaCorp reports $129m in GGR for H1

NagaCorp Ltd. has reported gross gaming revenue (GGR) of $129.3m for the six months ended 30 June 2021, almost half of the $372m recorded for H1 2020.

NagaWorld

EBITDA was $11.2m and Adjusted EBITDA stood at $17.7m. GGR from mass market tables was $29.9m, while EGMs earned $18.9m. VIP Market GGR was $80.5m.

The group’s revenue for the period was $130.4m, compared to $377.5m the previous year. Gross profit was approximately $75m. Loss for the six months was $77.2m, a massive drop from the profit of $20.6m recorded last year.

Mass market made up 37% of total revenue with $48.8m, 62% came from VIP with $80.5m, and only $1.1m or 1% was from non-gaming segments, including the hotel services, as Cambodia enacted safety measures that impacted international travel and local tourism. 

“The financial results of NagaCorp Ltd. for the six months ended 30 June 2021 reflects the impact from the voluntary temporary suspension of business operations since 2 March 2021, in response to the Covid-19 outbreak in Cambodia,” a statement from the company read. The group noted it has sufficient liquidity and cash reserve to wait out the voluntary suspension.

NagaCorp is optimistic about the recovery of Cambodia’s market, despite the losses to the group due to being closed for nearly four months. “Cambodia’s economy remains relatively stable. The B2 stable outlook rating on Cambodia retained by Moody’s has reflected the country’s strong growth prospects.”

The company continues the construction of Naga 3 despite the ongoing pandemic, and noted the ongoing gaming and resort development project in Vladivostok, Russia. “The group believes that its strategy to diversify its business geographically and expand into new casino markets will drive revenue growth in the long term.”

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